Capital Ownership, Capital Structure and Capital Markets: Financial Constraints and the Decline of the Lancashire Cotton Textile Industry 1880-1965

The objective of this analysis is to provide a reinterpretation of the decline of the Lancashire cotton textile industry during the twentieth century. Its principal concerns are with the governance structure of the industry, the resultant capital structures of firms and the constraints thereby imposed on the activities of entrepreneurs. Its central thesis is that ownership of the industry, and the redistribution of ownership claims during booms and slumps, imposed pressures and constraints on decision-makers. These financial constraints dominated the strategic questions of re-equipment and modernisation

Massive star evolution : rotation, winds, and overshooting vectors in the Mass-Luminosity plane I. A calibrated grid of rotating single star models

We aim to constrain massive star evolution models using the unique testbed eclipsing binary HD166734 with new grids of MESA stellar evolution models, adopting calibrated prescriptions of overshooting, mass loss, and rotation. We introduce a novel tool: the "mass-luminosity plane" or "M-L plane", as an equivalent to the traditional HR diagram, utilising it to reproduce the testbed binary HD166734 with newly calibrated MESA stellar evolution models for single stars. We can only reproduce the Galactic binary system with an enhanced amount of core overshooting (alpha = 0.5), mass loss, and rotational mixing. We can utilise the gradient in the M-L plane to constrain the amount of mass loss to 0.5 - 1.5 times the standard Vink et al. 2001 prescriptions, and we can exclude extreme reduction or multiplication factors. The extent of the vectors in the M-L plane leads us to conclude that the amount of core overshooting is larger than is normally adopted in contemporary massive star evolution models. We furthermore conclude that rotational mixing is mandatory to get the nitrogen abundance ratios between the primary and secondary components to be correct (3:1) in our testbed binary system. Our calibrated grid of models, alongside our new M-L plane approach, present the possibility of a widened main sequence due to an increased demand for core overshooting. The increased amount of core overshooting is not only needed to explain the extended main sequence, but the enhanced overshooting is also needed to explain the location of the upper-luminosity limit of the red supergiants. Finally, the increased amount of core overshooting has -- via the compactness parameter -- implications for supernova explodibility.Comment: Revised version, 14 pages, 19 figures, accepted for publication by Astronomy & Astrophysic

Forward error correction for molecular communications

Communication between nanoscale devices is an area of considerable importance as it is essential that future devices be able to form nanonetworks and realise their full potential. Molecular communication is a method based on diffusion, inspired by biological systems and useful over transmission distances in the nm to μm range. The propagation of messenger molecules via diffusion implies that there is thus a probability that they can either arrive outside of their required time slot or ultimately, not arrive at all. Therefore, in this paper, the use of a error correcting codes is considered as a method of enhancing the performance of future nanonetworks. Using a simple block code, it is shown that it is possible to deliver a coding gain of ∼1.7 dB at transmission distances of . Nevertheless, energy is required for the coding and decoding and as such this paper also considers the code in this context. It is shown that these simple error correction codes can deliver a benefit in terms of energy usage for transmission distances of upwards of for receivers of a radius

Keynes and the cotton industry: a reappraisal

The paper reinterprets Keynes’s analysis of the crisis in the Lancashire cotton industry in the 1920s. It presents empirical evidence showing that syndicates of local shareholders, but not the banks, were an important brake on firms exiting, at a time when exit barriers were otherwise unproblematic in this competitive industry. Moreover, syndicates milked firms of any profits through dividends, thereby limiting reinvestment and re-equipment possibilities. The case shows that where laissez-faire fails in response to a crisis, the associated response may need to assess both ownership structure and its relationship to competitive industry structure

Investigation of strength of isolated vertebrae, phase IV Final technical report, 29 Oct. 1965 - 28 Oct. 1966

Dynamic strength measurements of human vertebrae under axial compressio

Business strategy and firm performance: the British corporate economy, 1949-1984

There has been considerable and ongoing debate about the performance of the British economy since 1945. Empirical studies have concentrated on aggregate or industry level indicators. Few have examined individual firms’ financial performance. This study takes a sample of c.3000 firms in 19 industries and identifies Britain’s best performing companies over a period of 35 years. Successful companies are defined as a) those that survive as independent entities, b) that outperform peer group average return to capital for that industry, and c) that outperform other firms in the economy according to return on capital relative to industry average. Results are presented as league tables of success and some tentative explanations offered concerning the common strategies of successful firms. A broader research agenda for British business history is suggested